BANXA (TSX-V:BNXA, OTCQX:BNXAF) Holdings Inc, a digital asset payment services provider (PSP), said it has established new local and/or cross-border payment processing in Brazil and the larger Latin America market.
Additionally, the company has set up local entities in Turkey, the UK and the US. This expanded infrastructure allows it to offer consumers more local payment options beyond credit cards and includes instant bank transfers, the company said.
BANXA which bills itself as the world’s first listed PSP and regulatory technology (RegTech) platform for the digital assets industry, says it is also actively exploring the setup of operations in Luxembourg and India.
READ: Banxa reports 71% year-over-year increase in transaction values for 3Q 2022
“BANXA is committed to entering the most markets with local operations, giving our partners the ability to serve millions of consumers with the best fiat-to-crypto purchasing experience globally,” CEO Holger Arians said in a statement. “We know that consumers demand a trusted payment solution when purchasing crypto, and I’m excited about Banxa providing a world-class local payment solution.”
From here, the next step is to turn on local payments in each of these markets, the company said. This has begun in Brazil with the launch of PIX, an instant payment system provided by the Brazilian Central Bank.
In emerging markets where credit card adoption is very low, BANXA’s in-market offering gives its partners the ability to on- and off-ramp customers with conversion rates up to three times higher than credit card only solutions, the company said, which it considers a crucial step toward mass adoption of crypto in places like Brazil, Turkey and India.
Web3 and Hedera
Meanwhile, BANXA also announced a first-to-market Web3 partnership with the enterprise blockchain Hedera, becoming the first retail platform in the world to support the US$-pegged stablecoin USDC on Hedera. Stablecoins are cryptocurrencies that rely on more stable assets, such as the US dollar, to determine their value.
The Hedera network is a prominent public ledger for the decentralized economy, and several leading global organizations are part of its governing body, the company said. This partnership puts BANXA in a strong position within the Web3 ecosystem, Arians said.
“The Web3 ecosystem is only in its infancy, with significant opportunities for businesses and individuals worldwide,” Arians said. “... Working with a leading enterprise-grade public ledger for the decentralized economy, we can continue to support the crypto ecosystem’s expansion and the opportunities this brings.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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